Puuilo Plc: Half-year financial report 2026: Sustained strong growth and improved profitability
PUUILO PLC, HALF-YEAR FINANCIAL REPORT, 10 SEPTEMBER 2026, at 8.30 am
Highlights Q2/2026
- Net sales increased by 12.8% (+13.2%) and were €153.2 million (135.8)
- Like-for-like store net sales increased by 6.1% (+1.3%)
- Online store net sales increased by 14.2% (+2.4%)
- Gross profit was €60.1 million (51.9) and gross margin was 39.2% (38.2%)
- Adjusted EBITA was €33.8 million (28.2), increasing by 19.8%, which corresponds to an adjusted EBITA margin of 22.0% (20.8%)
- EBIT was €33.1 million (27.3) which corresponds to 21.6% of net sales (20.1%)
- Operating free cash flow was €43.3 million (38.1)
- Earnings per share were €0.30 (0.25)
- One new store was opened during the second quarter (two new stores)
Highlights H1/2026
- Net sales increased by 14.2% (+15.2%) and were €257.0 million (225.0)
- Like-for-like store net sales increased by 6.8% (+3.4%)
- Online store net sales increased by 15.5% (+8.4%)
- Gross profit was €100.6 million (84.9) and gross margin was 39.2% (37.7%)
- Adjusted EBITA was €50.0 million (39.0), increasing by 28.2%, which corresponds to an adjusted EBITA margin of 19.5% (17.3%)
- EBIT was €48.8 million (37.7) which corresponds to 19.0% of net sales (16.8%)
- Operating free cash flow was €60.4 million (51.8)
- Earnings per share were €0.44 (0.33)
- Three new stores were opened during the first half (five new stores)
Figures are in millions of euros unless otherwise stated and have been rounded. Hence the sum of individual figures may differ from the total shown. Puuilo's financial year starts on 1 February and ends on 31 January the following year. The figures in parentheses refer to the comparison period the previous year, unless otherwise stated. The information in this report is unaudited.
Key Figures
| € million | Q2/2026 | Q2/2025 | H1/2026 | H1/2025 | 2025 |
| Net sales | 153.2 | 135.8 | 257.0 | 225.0 | 442.3 |
| Net sales development (%) | 12.8% | 13.2% | 14.2% | 15.2% | 15.4% |
| Like-for-like store net sales development (%) | 6.1% | 1.3% | 6.8% | 3.4% | 3.7% |
| Online store net sales development (%) | 14.2% | 2.4% | 15.5% | 8.4% | 5.6% |
| Gross profit | 60.1 | 51.9 | 100.6 | 84.9 | 169.0 |
| Gross margin (%) | 39.2% | 38.2% | 39.2% | 37.7% | 38.2% |
| Adjusted EBITA* | 33.8 | 28.2 | 50.0 | 39.0 | 77.4 |
| Adjusted EBITA* margin (%) | 22.0% | 20.8% | 19.5% | 17.3% | 17.5% |
| Adjusted EBITA* development (%) | 19.8% | 13.7% | 28.2% | 18.1% | 15.5% |
| EBITA | 33.6 | 27.7 | 49.6 | 38.5 | 76.8 |
| EBITA margin (%) | 21.9% | 20.4% | 19.3% | 17.1% | 17.4% |
| EBIT | 33.1 | 27.3 | 48.8 | 37.7 | 75.1 |
| EBIT margin (%) | 21.6% | 20.1% | 19.0% | 16.8% | 17.0% |
| Net income | 25.3 | 20.7 | 36.7 | 28.0 | 56.0 |
| EPS (€) | 0.30 | 0.25 | 0.44 | 0.33 | 0.66 |
| Operating free cash flow | 43.3 | 38.1 | 60.4 | 51.8 | 72.6 |
| Net debt / adjusted EBITDA* | 1.1x | 1.2x | 1.1x | 1.2x | 1.3x |
| Net debt / adjusted EBITDA excl. impact of IFRS 16* | 0.2x | 0.2x | 0.2x | 0.2x | 0.5x |
| Number of stores (end of period) | 59 | 54 | 59 | 54 | 56 |
| Number of personnel converted into full-time employees (FTE) | 1,144 | 1,062 | 1,060 | 971 | 950 |
Puuilo's financial year starts on 1 February and ends on 31 January the following year
* Adjustments relate to items affecting comparability, which originate from significant items outside the ordinary course of the business and are related to strategic projects.
Outlook for the financial year 2026
The company forecasts that net sales will be €495 – 515 million and the adjusted EBITA will be €87 – 97 million in the financial year 2026.
The forecast includes elements of uncertainty related to changes in consumer purchasing power and behavior. Additionally, geopolitical crises and international tensions may affect product availability and prices.
Puuilo raised the outlook with a stock exchange release on 1 September 2026. Previously, the company forecasted that net sales would be €480 – 510 million and the adjusted EBITA would be €80 – 90 million in the financial year 2026.
Puuilo’s long-term targets
The company’s long-term financial targets for the strategy period 2026 – 2030:
- Growth: Net sales CAGR above 10% and net sales above €800 million by the end of financial year 2030 (ends in January 2031)
- Profitability: Adjusted EBITA margin above 17% of net sales
- Profit distribution: The company aims to distribute at least 80% of net income for each financial year
- Leverage: Net debt to adjusted EBITDA below 2.5x
CEO Juha Saarela’s review
Puuilo’s strong start to the year continued in the second quarter. Net sales grew by 12.8% to EUR 153.2 million, and like-for-like store net sales increased by 6.1%. Customer traffic continued to develop positively in both new and like-for-like stores, and e-commerce also showed positive development.
Our profitability strengthened further. The gross margin improved to 39.2% (38.2%) in the second quarter, supported in particular by the increased share of private label sales. Adjusted EBITA grew by 19.8% to EUR 33.8 million, representing 22.0% of net sales.
We continued to expand our store network in line with our plans during the second quarter. During Q2, we opened a new store in Espoo Espoonlahti and relocated our Vantaa Virkamies store to new premises in Vantaa Tammisto. During the first half of the financial year, we have opened a total of three new stores. For the full financial year, our target is to open a total of nine new stores, eight in Finland and one in Sweden. Recent store openings have made a good start and are expected to support growth during the second half of the year.
Preparations for the international expansion have progressed in line with our targets. In July, we announced the locations of our first pilot stores in Sweden. The first store will open in Örebro at the end of 2026 and the second in Sundsvall in early 2027. The Swedish store openings represent an important step in the execution of our strategy, and we are advancing the project in a cost-efficient manner that is typical of Puuilo. Start-up costs related to the international expansion have remained moderate, and we continue to expect the costs for the financial year 2026 to remain at approximately EUR 1 million, as previously communicated.
Consumer sentiment is recovering from long-term lows, and we see that somewhat increasing activity in our stores as well. Customers have visited Puuilo actively, and the summer season in our stores was busy. We continue to grow clearly faster than the overall market, which demonstrates the attractiveness of our concept and shows that customers value Puuilo’s price-quality ratio also in an improving consumer sentiment.
I would like to thank our customers for choosing to shop at Puuilo. I also want to extend my sincere thanks to our personnel for their excellent attitude and flexibility during the busy seasonal period. In addition, I would like to thank our shareholders for your trust and support on our growth journey.
I wish everyone a great start to autumn!
Significant events of the reporting period
Puuilo Plc transferred without consideration a total of 142,573 own shares held by the Company to 27 key employees participating in the performance period 2023–2025 of the performance matching share plan for the payment of rewards in accordance with the terms of the plan. After the share transfer, Puuilo holds a total of 670,946 own shares. (Stock exchange release 12 May 2026)
M.Sc. (Econ.) Annu von Weymarn was appointed as Chief Financial Officer (CFO) of Puuilo and a member of the Management Team. (Stock exchange release 18 May 2026)
Significant events after the end of the reporting period
Puuilo raised its outlook for the financial year and provided preliminary information on the figures of second quarter. (Stock exchange release 1 September 2026)
Next financial reports
Puuilo's financial year starts on 1 February and ends on 31 January the following year. The company publishes Business reviews for the first and third quarter, a Half-year financial report and a financial statements release.
Business review Q3 (February – October 2026) on 10 December 2026
All financial reports are published in English and in Finnish and are available at: https://www.investors.puuilo.fi/en/investors/reports_and_presentations.
Conference call in English and webcast in Finnish
The report will be presented for analysts, investors, and the media on the publication date in English at 10:00 am EET (9:00 am CET) and in Finnish at 11:30 am EET (10:30 am CET).
The conference call in English can be followed live at https://puuilo.events.inderes.com/2026-q2-results. Asking questions requires participation in the conference call. You can access the teleconference by registering on the link https://events.inderes.com/puuilo/2026-q2-results/dial-in. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask questions, please, dial *5 on your telephone keypad to enter the queue. The webcast in Finnish will begin at 11:30 am EET at https://puuilo.events.inderes.com/q2-2026.
Recordings of both events will be available later the same day at Puuilo's Investors website at https://www.investors.puuilo.fi/en/investors/reports_and_presentations.
For further information, please contact:
Juha Saarela, CEO, mobile phone: +358 50 409 7641
Annu von Weymarn, CFO, mobile phone: +358 40 749 0271
Distribution:
Nasdaq Helsinki
Key Media
www.sijoittajat.puuilo.fi/en/